Long Beach, CA · Member since 2016 · 1 post · 1 vote
Hello !
My name is Vania and I am looking forward to meeting you all! :)
Quick Facts:
- Bachelors in Nursing: UCLA
- Masters in progress in Family Medicine Nursing: UCI 2017
- Recently Engaged!
I am interested in purchasing my 1st multi family home - duplex, tri, or fourplex. I live in Long Beach, CA but am willing to look at properties elsewhere. I have been doing my research, reading books, and listening to podcasts. I would love the feedback from this community!
My name is Vania and I am looking forward to meeting you all! :)
Quick Facts:
- Bachelors in Nursing: UCLA
- Masters in progress in Family Medicine Nursing: UCI 2017
- Recently Engaged!
I am interested in purchasing my 1st multi family home - duplex, tri, or fourplex. I live in Long Beach, CA but am willing to look at properties elsewhere. I have been doing my research, reading books, and listening to podcasts. I would love the feedback from this community!
Welcome!
I hate to be the bearer of bad news, but it's better to get in front of problems than to be surprised by them:
> Nurse
I've seen a lot of your paystubs. Some amount of base pay, and then 30 different types of bonus, missed lunch, overtime, etc, pay.
Until you've been doing it for two tax seasons, we will only be able to use your base pay and rent from the other three units to qualify you. We will have to pretend that the substantive portion of your income that comes from bonus/ot/lunch/etc pay does not exist.
It could very well still work, however, and the fact that you're looking at multiunit could make it easier than if you were looking for a SFR! I just don't want you to be surprised when your lender drills down with you on this prior to preapproval. :)
Find and hold onto your final paystubs from previous years, bring them with you for quicker answers from your lender.